The Sunday Crypto Recap -Down the Rabbit Hole 39


A little quieter across the cryptosphere this week. Price action has been mostly compressed with BTC trying and repeatedly failing to hold 10K. Market volume has dropped substantially, so expect big moves on thin trade – a tough spot from which to profitably day trade.

You’ve probably had a better week than Justin Sun. Bearish for Tron? In the short-term – certainly. The Warren lunch, always a vanity project has backfired bringing yet more negative attention to crypto. Having said that, nothing new in such coverage. Putting my seer’s cap on – mainstream coverage of crypto is set to veer positive in coming months as large institutions such as Bakkt rollout out crypto-related financial services.


Picks of the Week

The ‘Off the Chain’ podcast discussing the obvious signs of global market strain is a standout this week. In addition, the Q2 crypto report from Coin Gecko is a treasure trove of market data and analysis.


Twitter

Perhaps looking to politicians for an unbiased perspective on crypto is a tad naïve?:
https://twitter.com/real_vijay/status/1152057859997224961

On what get’s selected to be ‘money’ – a certain animosity to Marxists on display here (recommended):
https://twitter.com/saifedean/status/1097872671461830657

Mobile mining another piece of the PoW puzzle:
https://twitter.com/DoveyWan/status/1153098126812749825

Well, this is one way to look at BTC miners:
https://twitter.com/RichardHeartWin/status/1155038433687027712

Defining an Alt coin:
https://twitter.com/saifedean/status/1153787688501125127

A skeptic’s position on decentralized finance:
https://twitter.com/_ConnerBrown_/status/1154257254780157954


Articles

A fine piece if you are feeling a bit defeated by crypto:
https://mentormarket.io/cryptocurrencies/bit-brain/its-too-quiet-in-here/

Coin Gecko puts out an exceptionally useful quarterly crypto report -distilled here by Bit-Brain:
https://trybe.one/cryptocurrency-quarterly-report

Maker DAI is perhaps creating new investment models:
https://medium.com/fluidity/introducing-the-tokenized-asset-portfolio-7710e4239ab6

Comparing blockchains – BTC bias:
https://medium.com/@nic__carter/its-the-settlement-assurances-stupid-5dcd1c3f4e41

Beware seeking attention – you just might get it – Justin Sun:
https://www.coindesk.com/justin-sun-apologizes-to-regulators-for-over-marketing-on-buffett-lunch


Podcast

Signs aplenty the global economy is due a correction (no real crypto expertise on show here but valuable nonetheless):

https://podcasts.apple.com/au/podcast/tavi-costa-global-macro-analyst-at-crescat-capital/id1434060078?i=1000444672555


YouTube

Bakkt Bitcoin Futures examined:


If you hold EOS or are interested in DPoS systems this is a must-watch as it’s full of interesting insights -for example, 6 exchanges occupy the top 21 BP positions (highly recommended):


The focus is on Forex but the advice is rock-solid and entirely applicable to trading crypto (highly recommended):


A highly original thinker in the crypto space – discussing the roots of the next possible financial crisis and the probable implications for BTC:


Infographic

BTC supply is being increasingly hoarded (after a substantial sell-off in 2018):

https://twitter.com/matt_odell/status/1153638802302349315/photo/1


I learned a lot this week and hopefully, this recap proves worth the investment of your time. As always, looking forward to your comments and suggestions.


Note on Sources:

Twitter & Reddit (cryptos current meta-brains) / Medium / Trybe / Hackernoon / Whaleshares / TIMM and so on/ YouTube / various podcasts and whatever else I stumble upon. The aim is a useful weekly aggregator of ideas rather than news. Though I try to keep the sources current – I’ll reference these articles and podcasts etc. as I encounter them – they may have been published just a couple of days ago or in some cases quite a bit earlier.


SPDR Sector Relative Strength Analysis Report For Week Starting 7/29/19

Sector rotation is the action of shifting investment assets from one sector to another to take advantage of cyclical trends in the overall economy in an attempt to beat the market. Sector rotation seeks to capitalize on the theory that not all sectors of the economy perform well at the same time because sectors of the stock market perform differently during the phases of the economic and market cycle.

For example, defensive sectors such as consumer staples, utility and health care stocks tend to outperform during a recessionary phase, while consumer discretionary and tech stocks tend to fare well during early expansions.

When you trade, you want the strongest stocks in the strongest sectors, which is why you should monitor sector performance carefully.  With that said, lets determine the relative strength of the sectors relative to the S&P 500 ETF, SPY for the upcoming week.

Communication Services (XLC)

Consumer Discretionary (XLY)     

Consumer Staples (XLP)                   

Energy (XLE)                

Financials (XLF)           

Health Care (XLV)                          

Industrials (XLI)  

Materials (XLB)                      

Real Estate (XLRE)                          

Technology (XLK)                 

Utilities (XLU)

Based on the moving averages and the last daily closing price, relative to the moving averages,

the SPDR sectors’ relative strength, relative to the SPY are the following:

Two Weeks Ago

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

IRS Sending Letters to “Educate” U.S. Crypto Investors

Let the fun begin for those of us in the United States.  According to a notice by the Internal Revenue Service (IRS) more than 10,000 people will be receiving letters to educate them on their tax liability on cryptocurrency transactions.

Here is a quote from the notice:

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

There are three variations: Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.

The letters will begin going out toward the end of August.  Let me know in comments if you end up getting one of these letters.

 

Bitcoin Drops! Next Moves?

Bitcoin dropped below a major ascending support line earlier today. It’s now sitting on top of known support at $9,400. Is it possible price is painting a larger bullish falling wedge?

Screen Shot 2019-07-27 at 9.32.34 AM.png

In today’s video we’ll discuss where price may be heading next, key areas to watch and so much more. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

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Forex Relative Strength Analysis Report For Week Starting 7/28/19

Some of the world’s currencies are accepted for most international transactions. The most popular currencies are accepted for most international transactions are the U.S. dollar, the euro, and the yen. However, the U.S. dollar is the most popular.

And in the foreign exchange market 90 of forex trading involves the U.S. dollar. Thus, when assessing the relative strength of the most popular currencies in the world, it’s always against the U.S. dollar, using the dailytime frame chart.

The “major” forex currency pairs are the major countries that are paired with the U.S. dollar (the nicknames of the majors are in parenthesis).

AUD/USD – Australia dollar (Aussie) vs. the U.S. dollar

EUR/USD – Euro vs. the U.S. dollar

GBP/USD – British pound (Sterling or Cable) vs. the U.S. dollar

NZD/USD – New Zealand dollar (Kiwi) vs. the U.S. dollar

USD/CAD – U.S. dollar vs. the Canadian dollar (Loonie)

USD/CHF – U.S. dollar vs. the Swiss franc (Swissie)

USD/JPY – U.S. dollar vs. the Japanese yen (the Yen)

Based on the moving averages and the last daily closing price, relative to the moving averages,

the currency relative strength relative to the US dollar is the following:

Two Weeks Ago

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

The International 2019 raises largest prize pool in esports history

The
International 2019 raises largest prize pool in esports history (Esports
Insider)

  • Valve’s ‘The International 2019’ (TI19 – the world championship for its game Dota 2) has officially raised the largest single-event prize pool in esports history.
  • Currently, the total prize pool amounts to $30.4m, thereby surpassing the previously highest single-event prize pool of $30m (provided by Epic Games for its Fortnite Word Cup).
  • The tournament will be held in China for the first time in 2019, hosted by the Mercedes-Benz Arena in Shanghai from August 15th-25th.

Analysis and Comments

  • This is a significant development for a number of reasons:
  1. Dota’s ‘The International’ prize pool is almost entirely crowdfunded via an in-game sale of a so-called ‘Battle Pass’,
  2. only 25% of the in-game sales actually go towards the prize pool,
  3. there are still more than 30 days left before cowdfunding stops, and
  4. since the inception of crowdfunding the TI prize pool, the event has consistently broken its own record every year.
  • In summary, this is an all-time high in prize pool money for any esports event, showcasing both strong and growing support from the gaming community as well as from developers themselves: Last year, Epic Games announced it would support its Fortnite esports scene by providing a total of $100m for the 2018-2019 season, with the game’s World Cup featuring a $30m prize pool. This is the most any publisher has ever committed.
  • Esports serve a number of purposes, the main being extending the life of a game by encouraging and supporting an active gaming community. This is more important now than ever, as developers/publishers are moving away from the one-time up-front payment model towards in-game monetisation via downloadable content (DLCs) over the life of the game.

Who is Justin Sun???

Justin Sun, is a tech entrepreneur, the founder of the cryptocurrency platform TRON and current CEO of BitTorrent. Justin is former chief representative of the Greater China area of Ripple and Jack Ma (founder of Alibaba) protégé  

Over the course of this week, a lot of news came out in regards to the CEO of TRON, Justin Sun after he cancelled the highly anticipated charity lunch between him and the American investor guru, Warren Buffett. Some of this news is still in rumour form so to speak but it has caused quite a stir amongst enthusiasts.

Earlier in the week, these rumours got so bad and inflated that the price of TRX was affected, and not in a good way.

Reports from Chinese media outlets suggested that Sun was charged by the nation’s authorities on internet safety for his supposed connection to money laundering, illegal fundraising, gambling and even spreading pornography.

And so with this, according to the Twitter user, cnLedger, Sun is banned from leaving the country.

Source

Justin has the brand name like Charlie Lee of Litecoin and the vision and the mouth of Elon Musk, meaning you have to take the good with the bad.

The price of Tron is at a major confluence line at $0.02.  Short term, price can go either way.  Long term, I like Tron. 

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

BITCOIN: Support at 9400 USD is holding…

…for the moment, because in only 4 minutes, a very strong sell action pushed BITCOIN from 10200 to 9400 USD…


Remember that the level to observe is 9100 USD which is the lowest point of the ABC correction, if we keep above it is a good signal, if BTC breaks that level, our “house of Cards” will collapse in my opinion.



My concern is founded on the Head and Shoulder pattern that is probably in formation now:


We are “leaves to the wind” for the eyes of some big whales…

Enjoy the trip.

@toofasteddie


Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

Crypto Contest July 27: Clams

Clams (Poloniex: CLAMUSD) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Clams began a wave one advance in November 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in May this year, and the red wave two (blue sub-waves a-b-c) correction ended on July 17. If this wave count is correct, Clams should be heading next towards the May peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Clams claims to be the most widely held crypto-currency ever with initial unique address distribution of over 3.1 million.

(Sources: Clams)

How can I vote? Where is the contest?

You can vote by following this link.

Currency Analysis Report 7/27/19 – Can The British Pound Rise To 1.30000???

Two years ago, England voted to leave the EU. Today, U.K. Prime Minister Theresa May asked Parliament to approve the withdrawal agreement with the European Union.  In March, U.K. Prime Minister Theresa May asked Parliament to approve the withdrawal agreement with the European Union. The withdrawal agreement was rejected by 432 votes to 202. The 230 vote defeat is thought to be the largest in U.K. political history.  Because she couldn’t get the job done, she resigned.

Now it’s newly elected leader of the Conservative party Boris Johnson takes over as the Prime Minister with the goal of executing Brexit.

Johnson, who won the race to the lead country on Tuesday, previously said the U.K. must leave the European Union by Oct. 31 “do or die, come what may.”

“Being a prime minister, things can change, and so maybe we also think about a little bit of an extension to the Brexit negotiation,” Dominic Schnider, head for commodities and Asia Pacific foreign exchange at UBS Global Wealth Management, told CNBC’s “Squawk Box.”

Should Johnson soften his perspective on Brexit, there will be consequences for the British pound, Schnider projected.

“If the market realizes that the hard Brexit probability starts to shrink, I think the pound can come back. So we’re probably going to trade north of $1.30, $1.35, somewhere there,” Schnider said.

Source

The reason the British Pound has been beaten up the last couple of years is due to the uncertainty of Brexit and if Brexit happens, the ramifications it will have on England’s economy.  However, if Brexit doesn’t happen, Dominic Schnider is right, the Pound should rise.  However, in order for it to rise to his target of $1.30, $1.35, the first major test would be the major support/resistance at 1.27000.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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